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CHART OF THE DAY: The Indian Rupee Is Getting Absolutely Brutalized

The massive sell-off that has gripped emerging markets over the past several weeks continues with a vengeance this week.

The Turkish lira, the Brazilian real, the Mexican peso, and several other emerging-market currencies are down big against the dollar.

Far and away the biggest loser, though, is the Indian rupee: t he U.S. dollar is up 2.9% against the rupee today.

It's not just today that the rupee is underperforming vis-a-vis its emerging-market peers, either. The dollar-rupee exchange rate is currently the highest percentage above its 20-day moving average of any major currency pair.

India is desperately trying to stave off a balance-of-payments crisis that is causing the currency to tank, but so far has been unsuccessful, judging by the reaction in currency markets.